Florida Senate - 2017                                    SB 1566
       
       
        
       By Senator Simmons
       
       
       
       
       
       9-00722-17                                            20171566__
    1                        A bill to be entitled                      
    2         An act relating to the Uniform Voidable Transactions
    3         Act; providing a directive to the Division of Law
    4         Revision and Information; amending s. 726.101, F.S.;
    5         revising a short title; amending s. 726.102, F.S.;
    6         revising and providing definitions; amending s.
    7         726.103, F.S.; removing conditions under which a
    8         partnership is insolvent; imposing the burden of
    9         proving insolvency upon certain debtors; amending ss.
   10         726.105 and 726.106, F.S.; imposing the burden of
   11         proving elements of a claim for relief upon certain
   12         creditors; amending s. 726.107, F.S.; conforming
   13         provisions to changes made by the act; amending s.
   14         726.108, F.S.; providing conditions under which
   15         attachments or other provisional remedies are
   16         available to creditors; amending s. 726.109, F.S.;
   17         revising the parties subject to judgements for
   18         recovery of a creditor’s claim; revising conditions
   19         under which a transfer is not voidable; imposing the
   20         burden of proving certain applicability, claim
   21         elements, and adjustments upon specified persons;
   22         providing requirements for standard of proof; amending
   23         ss. 726.110, 726.111, and 726.112, F.S.; conforming
   24         provisions to changes made by the act; creating s.
   25         726.113, F.S.; providing that claims for relief are
   26         governed by specified claims law; creating s. 726.114,
   27         F.S.; providing definitions; providing applicability
   28         of specified provisions for series organizations and
   29         the protected series of such organizations; creating
   30         s. 726.115, F.S.; providing applicability for a
   31         specified federal act; providing an effective date.
   32          
   33  Be It Enacted by the Legislature of the State of Florida:
   34  
   35         Section 1. The Division of Law Revision and Information is
   36  directed to rename chapter 726, Florida Statutes, entitled
   37  “FRAUDULENT TRANSFERS,” as “VOIDABLE TRANSACTIONS.”
   38         Section 2. Section 726.101, Florida Statutes, is amended to
   39  read:
   40         726.101 Short title.—This act may be cited as the “Uniform
   41  Voidable Transactions Fraudulent Transfer Act.”
   42         Section 3. Section 726.102, Florida Statutes, is amended to
   43  read:
   44         726.102 Definitions.—As used in this chapter ss. 726.101
   45  726.112:
   46         (1) “Affiliate” means:
   47         (a) A person that who directly or indirectly owns,
   48  controls, or holds with power to vote, 20 percent or more of the
   49  outstanding voting securities of the debtor, other than a person
   50  that who holds the securities:
   51         1. As a fiduciary or agent without sole discretionary power
   52  to vote the securities; or
   53         2. Solely to secure a debt, if the person has not in fact
   54  exercised the power to vote.
   55         (b) A corporation 20 percent or more of whose outstanding
   56  voting securities are directly or indirectly owned, controlled,
   57  or held with power to vote, by the debtor or a person that who
   58  directly or indirectly owns, controls, or holds, with power to
   59  vote, 20 percent or more of the outstanding voting securities of
   60  the debtor, other than a person that who holds the securities:
   61         1. As a fiduciary or agent without sole discretionary power
   62  to vote the securities; or
   63         2. Solely to secure a debt, if the person has not in fact
   64  exercised the power to vote.
   65         (c) A person whose business is operated by the debtor under
   66  a lease or other agreement, or a person substantially all of
   67  whose assets are controlled by the debtor; or
   68         (d) A person that who operates the debtor’s business under
   69  a lease or other agreement or controls substantially all of the
   70  debtor’s assets.
   71         (2) “Asset” means property of a debtor, but the term does
   72  not include:
   73         (a) Property to the extent it is encumbered by a valid
   74  lien;
   75         (b) Property to the extent it is generally exempt under
   76  nonbankruptcy law; or
   77         (c) An interest in property held in tenancy by the
   78  entireties to the extent it is not subject to process by a
   79  creditor holding a claim against only one tenant.
   80         (3) “Charitable contribution” means a charitable
   81  contribution as that term is defined in s. 170(c) of the
   82  Internal Revenue Code of 1986, if that contribution consists of:
   83         (a) A financial instrument as defined in s. 731(c)(2)(C) of
   84  the Internal Revenue Code of 1986; or
   85         (b) Cash.
   86         (4) “Claim,except as used in “claim for relief,” means a
   87  right to payment, whether or not the right is reduced to
   88  judgment, liquidated, unliquidated, fixed, contingent, matured,
   89  unmatured, disputed, undisputed, legal, equitable, secured, or
   90  unsecured.
   91         (5)“Claims law” means fraudulent conveyance, fraudulent
   92  transfer, or voidable transfer laws or other laws of similar
   93  effect.
   94         (6)(5) “Creditor” means a person that who has a claim.
   95         (7)(6) “Debt” means liability on a claim.
   96         (8)(7) “Debtor” means a person that who is liable on a
   97  claim.
   98         (9)“Electronic” means technology having electrical,
   99  digital, magnetic, wireless, optical, electromagnetic, or
  100  similar capabilities.
  101         (10)(8) “Insider” includes:
  102         (a) If the debtor is an individual:
  103         1. A relative of the debtor or of a general partner of the
  104  debtor;
  105         2. A partnership in which the debtor is a general partner;
  106         3. A general partner in a partnership described in
  107  subparagraph 2.; or
  108         4. A corporation of which the debtor is a director,
  109  officer, or person in control;
  110         (b) If the debtor is a corporation:
  111         1. A director of the debtor;
  112         2. An officer of the debtor;
  113         3. A person in control of the debtor;
  114         4. A partnership in which the debtor is a general partner;
  115         5. A general partner in a partnership described in
  116  subparagraph 4.; or
  117         6. A relative of a general partner, director, officer, or
  118  person in control of the debtor.
  119         (c) If the debtor is a partnership:
  120         1. A general partner in the debtor;
  121         2. A relative of a general partner in, a general partner
  122  of, or a person in control of the debtor;
  123         3. Another partnership in which the debtor is a general
  124  partner;
  125         4. A general partner in a partnership described in this
  126  paragraph subparagraph 3.; or
  127         5. A person in control of the debtor.
  128         (d) An affiliate, or an insider of an affiliate as if the
  129  affiliate were the debtor.
  130         (e) A managing agent of the debtor.
  131         (11)(9) “Lien” means a charge against or an interest in
  132  property to secure payment of a debt or performance of an
  133  obligation, and includes a security interest created by
  134  agreement, a judicial lien obtained by legal or equitable
  135  process or proceedings, a common-law lien, or a statutory lien.
  136         (12)“Organization” means a person other than an
  137  individual.
  138         (13)(10) “Person” means an individual, partnership, limited
  139  partnership, business corporation, nonprofit business
  140  corporation, public corporation, limited liability company,
  141  limited cooperative association, unincorporated nonprofit
  142  association, organization, government or governmental
  143  subdivision, instrumentality, or agency, business trust, common
  144  law business trust, statutory trust, estate, trust, association,
  145  joint venture, or any other legal or commercial entity.
  146         (14)(11) “Property” means anything that may be the subject
  147  of ownership.
  148         (15)(12) “Qualified religious or charitable entity or
  149  organization” means:
  150         (a) An entity described in s. 170(c)(1) of the Internal
  151  Revenue Code of 1986; or
  152         (b) An entity or organization described in s. 170(c)(2) of
  153  the Internal Revenue Code of 1986.
  154         (16)“Record” means information that is inscribed on a
  155  tangible medium or that is stored in an electronic or other
  156  medium and is retrievable in perceivable form.
  157         (17)(13) “Relative” means an individual related by
  158  consanguinity within the third degree as determined by the
  159  common law, a spouse, or an individual related to a spouse
  160  within the third degree as so determined, and includes an
  161  individual in an adoptive relationship within the third degree.
  162         (18)“Sign” or “signed” means with present intent to
  163  authenticate or adopt a record to:
  164         (a)Execute or adopt a tangible symbol; or
  165         (b)Attach to or logically associate with the record an
  166  electronic symbol, sound, or process.
  167         (19)(14) “Transfer” means every mode, direct or indirect,
  168  absolute or conditional, voluntary or involuntary, of disposing
  169  of or parting with an asset or an interest in an asset, and
  170  includes payment of money, release, lease, license, and creation
  171  of a lien or other encumbrance.
  172         (20)(15) “Valid lien” means a lien that is effective
  173  against the holder of a judicial lien subsequently obtained by
  174  legal or equitable process or proceedings.
  175         Section 4. Section 726.103, Florida Statutes, is amended to
  176  read:
  177         726.103 Insolvency.—
  178         (1) A debtor is insolvent if, at a fair valuation, the sum
  179  of the debtor’s debts is greater than the sum all of the
  180  debtor’s assets at a fair valuation.
  181         (2) A debtor that who is generally not paying its his or
  182  her debts as they become due, for reasons other than as a result
  183  of a bona fide dispute, is presumed to be insolvent. The party
  184  against which the presumption is directed has the burden of
  185  proving that the nonexistence of insolvency is more probable
  186  than its existence.
  187         (3)A partnership is insolvent under subsection (1) if the
  188  sum of the partnership’s debts is greater than the aggregate, at
  189  a fair valuation, of all of the partnership’s assets and the sum
  190  of the excess of the value of each general partner’s
  191  nonpartnership assets over the partner’s nonpartnership debts.
  192         (3)(4) Assets under this section do not include property
  193  that has been transferred, concealed, or removed with intent to
  194  hinder, delay, or defraud creditors or that has been transferred
  195  in a manner making the transfer voidable under this chapter ss.
  196  726.101-726.112.
  197         (4)(5) Debts under this section do not include an
  198  obligation to the extent it is secured by a valid lien on
  199  property of the debtor not included as an asset.
  200         Section 5. Section 726.105, Florida Statutes, is amended to
  201  read:
  202         726.105 Transfers or obligations voidable fraudulent as to
  203  present and future creditors.—
  204         (1) A transfer made or obligation incurred by a debtor is
  205  voidable fraudulent as to a creditor, whether the creditor’s
  206  claim arose before or after the transfer was made or the
  207  obligation was incurred, if the debtor made the transfer or
  208  incurred the obligation:
  209         (a) With actual intent to hinder, delay, or defraud any
  210  creditor of the debtor; or
  211         (b) Without receiving a reasonably equivalent value in
  212  exchange for the transfer or obligation, and the debtor:
  213         1. Was engaged or was about to engage in a business or a
  214  transaction for which the remaining assets of the debtor were
  215  unreasonably small in relation to the business or transaction;
  216  or
  217         2. Intended to incur, or believed or reasonably should have
  218  believed that the debtor he or she would incur, debts beyond the
  219  debtor’s his or her ability to pay as they became due.
  220         (2) In determining actual intent under paragraph (1)(a),
  221  consideration may be given, among other factors, to whether:
  222         (a) The transfer or obligation was to an insider.
  223         (b) The debtor retained possession or control of the
  224  property transferred after the transfer.
  225         (c) The transfer or obligation was disclosed or concealed.
  226         (d) Before the transfer was made or obligation was
  227  incurred, the debtor had been sued or threatened with suit.
  228         (e) The transfer was of substantially all the debtor’s
  229  assets.
  230         (f) The debtor absconded.
  231         (g) The debtor removed or concealed assets.
  232         (h) The value of the consideration received by the debtor
  233  was reasonably equivalent to the value of the asset transferred
  234  or the amount of the obligation incurred.
  235         (i) The debtor was insolvent or became insolvent shortly
  236  after the transfer was made or the obligation was incurred.
  237         (j) The transfer occurred shortly before or shortly after a
  238  substantial debt was incurred.
  239         (k) The debtor transferred the essential assets of the
  240  business to a lienor that who transferred the assets to an
  241  insider of the debtor.
  242         (3)A creditor making a claim for relief under subsection
  243  (1) has the burden of proving the elements of the claim for
  244  relief by a preponderance of the evidence.
  245         Section 6. Section 726.106, Florida Statutes, is amended to
  246  read:
  247         726.106 Transfers or obligations voidable fraudulent as to
  248  present creditors.—
  249         (1) A transfer made or obligation incurred by a debtor is
  250  voidable fraudulent as to a creditor whose claim arose before
  251  the transfer was made or the obligation was incurred if the
  252  debtor made the transfer or incurred the obligation without
  253  receiving a reasonably equivalent value in exchange for the
  254  transfer or obligation and the debtor was insolvent at that time
  255  or the debtor became insolvent as a result of the transfer or
  256  obligation.
  257         (2) A transfer made by a debtor is voidable fraudulent as
  258  to a creditor whose claim arose before the transfer was made if
  259  the transfer was made to an insider for an antecedent debt, the
  260  debtor was insolvent at that time, and the insider had
  261  reasonable cause to believe that the debtor was insolvent.
  262         (3)Subject to s. 726.103(2), a creditor making a claim for
  263  relief under subsection (1) or subsection (2) has the burden of
  264  proving the elements of the claim for relief by a preponderance
  265  of the evidence.
  266         Section 7. Section 726.107, Florida Statutes, is amended to
  267  read:
  268         726.107 When transfer made or obligation incurred.—For the
  269  purposes of this chapter ss. 726.101-726.112:
  270         (1) A transfer is made:
  271         (a) With respect to an asset that is real property other
  272  than a fixture, but including the interest of a seller or
  273  purchaser under a contract for the sale of the asset, when the
  274  transfer is so far perfected that a good faith purchaser of the
  275  asset from the debtor against which whom applicable law permits
  276  the transfer to be perfected cannot acquire an interest in the
  277  asset that is superior to the interest of the transferee.
  278         (b) With respect to an asset that is not real property or
  279  that is a fixture, when the transfer is so far perfected that a
  280  creditor on a simple contract cannot acquire a judicial lien
  281  otherwise than under this chapter ss. 726.101-726.112 that is
  282  superior to the interest of the transferee.
  283         (2) If applicable law permits the transfer to be perfected
  284  as provided in subsection (1) and the transfer is not so
  285  perfected before the commencement of an action for relief under
  286  this chapter ss. 726.101-726.112, the transfer is deemed made
  287  immediately before the commencement of the action.
  288         (3) If applicable law does not permit the transfer to be
  289  perfected as provided in subsection (1), the transfer is made
  290  when it becomes effective between the debtor and the transferee.
  291         (4) A transfer is not made until the debtor has acquired
  292  rights in the asset transferred.
  293         (5) An obligation is incurred:
  294         (a) If oral, when it becomes effective between the parties;
  295  or
  296         (b) If evidenced by a record writing, when the record
  297  signed writing executed by the obligor is delivered to or for
  298  the benefit of the obligee.
  299         Section 8. Section 726.108, Florida Statutes, is amended to
  300  read:
  301         726.108 Remedies of creditors.—
  302         (1) In an action for relief against a transfer or
  303  obligation under this chapter ss. 726.101-726.112, a creditor,
  304  subject to the limitations in s. 726.109 may obtain:
  305         (a) Avoidance of the transfer or obligation to the extent
  306  necessary to satisfy the creditor’s claim;
  307         (b) An attachment or other provisional remedy against the
  308  asset transferred or other property of the transferee if and to
  309  the extent available under in accordance with applicable law; or
  310         (c) Subject to applicable principles of equity and in
  311  accordance with applicable rules of civil procedure:
  312         1. An injunction against further disposition by the debtor
  313  or a transferee, or both, of the asset transferred or of other
  314  property;
  315         2. Appointment of a receiver to take charge of the asset
  316  transferred or of other property of the transferee; or
  317         3. Any other relief the circumstances may require.
  318         (2) If a creditor has obtained a judgment on a claim
  319  against the debtor, the creditor, if the court so orders, may
  320  levy execution on the asset transferred or its proceeds.
  321         Section 9. Section 726.109, Florida Statutes, is amended to
  322  read:
  323         726.109 Defenses, liability, and protection of transferee
  324  or obligee.—
  325         (1) A transfer or obligation is not voidable under s.
  326  726.105(1)(a) against a person that who took in good faith and
  327  for a reasonably equivalent value given the debtor or against
  328  any subsequent transferee or obligee.
  329         (2)(a) Except as otherwise provided in this section, to the
  330  extent a transfer is voidable in an action by a creditor under
  331  s. 726.108(1)(a), the creditor may recover judgment for the
  332  value of the asset transferred, as adjusted under subsection
  333  (3), or the amount necessary to satisfy the creditor’s claim,
  334  whichever is less. The judgment may be entered against:
  335         1.(a) The first transferee of the asset or the person for
  336  whose benefit the transfer was made; or
  337         2.(b)An immediate or mediate transferee of the first Any
  338  subsequent transferee other than:
  339         a. A good faith transferee that who took for value; or
  340         b.An immediate or mediate good faith transferee of a
  341  person described in sub-subparagraph a from any subsequent
  342  transferee.
  343         (b)Recovery pursuant to s. 726.108(1)(a) or (2) of or from
  344  the asset transferred or its proceeds, by levy or otherwise, is
  345  available only against a person described in subparagraph (a)1.
  346  or subparagraph(a)2.
  347         (3) If the judgment under subsection (2) is based upon the
  348  value of the asset transferred, the judgment must be for an
  349  amount equal to the value of the asset at the time of the
  350  transfer, subject to adjustment as the equities may require.
  351         (4) Notwithstanding voidability of a transfer or an
  352  obligation under this chapter ss. 726.101-726.112, a good faith
  353  transferee or obligee is entitled, to the extent of the value
  354  given the debtor for the transfer or obligation, to:
  355         (a) A lien on or a right to retain an any interest in the
  356  asset transferred;
  357         (b) Enforcement of an any obligation incurred; or
  358         (c) A reduction in the amount of the liability on the
  359  judgment.
  360         (5) A transfer is not voidable under s. 726.105(1)(b) or s.
  361  726.106 if the transfer results from:
  362         (a) Termination of a lease upon default by the debtor when
  363  the termination is pursuant to the lease and applicable law; or
  364         (b) Enforcement of a security interest in compliance with
  365  Article 9 of the Uniform Commercial Code other than acceptance
  366  of collateral in full or partial satisfaction of the obligation
  367  it secures.
  368         (6) A transfer is not voidable under s. 726.106(2):
  369         (a) To the extent the insider gave new value to or for the
  370  benefit of the debtor after the transfer was made, except to the
  371  extent unless the new value was secured by a valid lien;
  372         (b) If made in the ordinary course of business or financial
  373  affairs of the debtor and the insider; or
  374         (c) If made pursuant to a good faith effort to rehabilitate
  375  the debtor and the transfer secured present value given for that
  376  purpose as well as an antecedent debt of the debtor.
  377         (7)(a) The transfer of a charitable contribution that is
  378  received in good faith by a qualified religious or charitable
  379  entity or organization is not a fraudulent transfer under s.
  380  726.105(1)(b) or s. 726.106(1).
  381         (b) However, a charitable contribution from a natural
  382  person is a fraudulent transfer if the transfer was received on,
  383  or within 2 years before, the earlier of the date of
  384  commencement of an action under this chapter, the filing of a
  385  petition under the federal Bankruptcy Code, or the commencement
  386  of insolvency proceedings by or against the debtor under any
  387  state or federal law, including the filing of an assignment for
  388  the benefit of creditors or the appointment of a receiver,
  389  unless:
  390         1. The transfer was consistent with the practices of the
  391  debtor in making the charitable contribution; or
  392         2. The transfer was received in good faith and the amount
  393  of the charitable contribution did not exceed 15 percent of the
  394  gross annual income of the debtor for the year in which the
  395  transfer of the charitable contribution was made.
  396         (8)(a)A party that seeks to invoke subsection (1),
  397  subsection (4), subsection (5), or subsection (6) has the burden
  398  of proving the applicability of that subsection.
  399         (b)Except as otherwise provided in paragraphs (c) and (d),
  400  the creditor has the burden of proving each applicable element
  401  of subsection (2) or subsection (3).
  402         (c)The transferee has the burden of proving the
  403  applicability to the transferee under subparagraph (2)(a)2.
  404         (d)A party that seeks adjustment under subsection (3) has
  405  the burden of proving the adjustment.
  406         (9)The standard of proof required to establish matters
  407  referred to in this section is preponderance of the evidence.
  408         (10)The creditor has the burden of proving the requisite
  409  elements of any claim under this chapter, as set forth in ss.
  410  726.105(3) and 726.106(3).
  411         Section 10. Section 726.110, Florida Statutes, is amended
  412  to read:
  413         726.110 Extinguishment of claim for relief cause of
  414  action.—A claim for relief cause of action with respect to a
  415  fraudulent transfer or obligation under this chapter ss.
  416  726.101-726.112 is extinguished unless action is brought:
  417         (1) Under s. 726.105(1)(a), within 4 years after the
  418  transfer was made or the obligation was incurred or, if later,
  419  within 1 year after the transfer or obligation and its wrongful
  420  nature was or could reasonably have been discovered by the
  421  claimant;
  422         (2) Under s. 726.105(1)(b) or s. 726.106(1), within 4 years
  423  after the transfer was made or the obligation was incurred; or
  424         (3) Under s. 726.106(2), within 1 year after the transfer
  425  was made or the obligation was incurred.
  426         Section 11. Section 726.111, Florida Statutes, is amended
  427  to read:
  428         726.111 Supplementary provisions.—Unless displaced by the
  429  provisions of this chapter ss. 726.101-726.112, the principles
  430  of law and equity, including the law merchant and the law
  431  relating to principal and agent, estoppel, laches, fraud,
  432  misrepresentation, duress, coercion, mistake, insolvency, or
  433  other validating or invalidating cause, supplement those
  434  provisions.
  435         Section 12. Section 726.112, Florida Statutes, is amended
  436  to read:
  437         726.112 Uniformity of application and construction.—Chapter
  438  87-79, Laws of Florida, shall be applied and construed to
  439  effectuate its general purpose to make uniform the law with
  440  respect to the subject of the law among states enacting the law
  441  it.
  442         Section 13. Section 726.113, Florida Statutes, is created
  443  to read:
  444         726.113Governing law.—
  445         (1)For the purposes of this section, the following
  446  provisions shall determine a debtor’s physical location:
  447         (a)A debtor that is an individual is located at his or her
  448  principal residence.
  449         (b)A debtor that is an organization and has only one place
  450  of business is located at its place of business.
  451         (c)A debtor that is an organization and has more than one
  452  place of business is located at its chief executive office.
  453         (2)A claim for relief in the nature of a claim for relief
  454  under this chapter is governed by the claims law of the
  455  jurisdiction in which the debtor is located when the transfer is
  456  made or the obligation is incurred.
  457         (3)This section does not affect the governing law for any
  458  other claims or issues between the parties arising outside of
  459  this chapter or other claims law. If this section requires the
  460  application of the claims law of a foreign jurisdiction, such a
  461  determination does not affect which jurisdiction’s exemption
  462  laws apply, the availability of exemptions under applicable law,
  463  or the debtor’s entitlement to any protections afforded to the
  464  debtor’s homestead under the Florida Constitution.
  465         Section 14. Section 726.114, Florida Statutes, is created
  466  to read:
  467         726.114Application to series organization.—
  468         (1)As used in this section, the term:
  469         (a)“Protected series” means an arrangement, however
  470  denominated, created by a series organization that, pursuant to
  471  the law under which the series organization is organized, meets
  472  the criteria set forth in paragraph (b).
  473         (b)“Series organization” means an organization that,
  474  pursuant to the law under which it is organized, has the
  475  following characteristics:
  476         1.The organic record of the organization provides for
  477  creation by the organization of one or more protected series,
  478  however denominated, with respect to specified property of the
  479  organization, and for records to be maintained for each
  480  protected series that identify the property of, or associated
  481  with, the protected series.
  482         2.Debt incurred or existing with respect to the activities
  483  of, or property of or associated with, a particular protected
  484  series is enforceable against the property of, or associated
  485  with, the protected series only, and not against the property
  486  of, or associated with, the organization or other protected
  487  series of the organization.
  488         3.Debt incurred or existing with respect to the activities
  489  or property of the organization is enforceable against the
  490  property of the organization only, and not against the property
  491  of, or associated with, a protected series of the organization.
  492         (2)A series organization and each protected series of the
  493  organization is a separate person for purposes of this chapter,
  494  even if for other purposes a protected series is not a person
  495  separate from the organization or other protected series of the
  496  organization. Provisions of law other than this chapter
  497  determine whether and to what extent a series organization and
  498  each protected series of the organization is a separate person
  499  for purposes other than the purposes of this chapter.
  500         Section 15. Section 726.115, Florida Statutes, is created
  501  to read:
  502         726.115Relation to Electronic Signatures in Global and
  503  National Commerce Act.—This chapter modifies, limits, and
  504  supersedes the federal Electronic Signatures in Global and
  505  National Commerce Act, 15 U.S.C. ss. 7001, et seq., but does not
  506  modify, limit, or supersede s. 101(c) of that act, 15 U.S.C. s.
  507  7001(c), or authorize electronic delivery of any of the notices
  508  described in s. 103(b) of that act, 15 U.S.C. s. 7001(b).
  509         Section 16. This act shall take effect July 1, 2017.